That means it's time for American taxpayers to brace for some major changes. The new law retains seven income tax brackets but alters the ranges. Personal exemptions have been eliminated, but the standard deduction has increased.

These changes to Americans' tax brackets won't kick in when you file your 2017 taxes before Tax Day on April 17 this year. They'll apply to income earned in 2018, which you'll pay taxes on when you file your return next year.

How the new tax bracket shift affects you comes down to several factors, like how much you earn and whether you're married.

Here's a side-by-side look at how the new 2018 income tax brackets will affect both single and married Americans

Personal exemptions have been eliminated for all taxpayers. Skye Gould/Business Insider

Here's how the new 2018 income tax brackets and increased standard deductions break down for every type of taxpayer.

2018 tax brackets and income ranges for single taxpayers

10%: $0 to $9,525 of taxable income

12%: $9,526 to $38,700

22%: $38,701 to $82,500

24%: $82,501 to $157,500

32%: $157,501 to $200,000

35%: $200,001 to $500,000

37%: over $500,000

Standard deduction: $12,000

2018 tax brackets and income ranges for married taxpayers filing jointly and surviving spouses

10%: $0 to $19,050 of taxable income

12%: $19,051 to $77,400

22%: $77,401 to $165,000

24%: $165,001 to $315,000

32%: $315,001 to $400,000

35%: $400,001 to $600,000

37%: over $600,000

Standard deduction: $24,000

2018 tax brackets and income ranges for taxpayers filing as head of household

10%: $0 to $13,600 of taxable income

12%: $13,601 to $51,800

22%: $51,801 to $82,500

24%: $82,501 to $157,500

32%: $157,501 to $200,000

35%: $200,001 to $500,000

37%: over $500,000

Standard deduction: $18,000

2018 tax brackets and income ranges for married taxpayers filing separately